How do you buy foreclosed properties in the Philippines?

The most popular way to buy foreclosed properties in the Philippines would be through banks. These are commonly referred to as bank acquired assets.

You can submit a purchase proposal – and win through first come first serve basis – which means your bid comes first and is satisfactory, then you win. On the other hand, sometimes you can be the first to bid, but your proposal is not approved by the bank officials.

They usually give out listings on a quarterly basis either published on their website, through the newspapers (you can see this most often on the newspaper Manila Bulletin) or through their accredited brokers.

Downpayments are usually 10% – 25% of the amount of the property, and installment basis is also offered.

 

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